SAN FRANCISCO, Aug. 9, 2022 /PRNewswire/ -- Shorenstein Properties, LLC ("Shorenstein"), an owner and operator of high-quality office, residential, and mixed-use properties across the U.S., today announced the release of its 2022 Environmental, Social and Governance (ESG) Report.
"At Shorenstein, ESG and sustainability are core to our daily operations and impact everything that we do – both as a firm and across our portfolio. Whether it's diligence, investment execution, construction, development or day-to-day asset management, we view ESG as an opportunity to continuously improve our business while reducing our environmental impact, strengthening our communities, and empowering our teams. With our long-term approach, we measure our impact and ambitious objectives in decades, and we look forward to building on all of the successes and ongoing momentum outlined in this year's report," said Brandon Shorenstein, Chairman and CEO of Shorenstein.
Notable Highlights of Shorenstein's 2022 ESG Report include:
- Prioritizing Sustainable, Energy Efficient Buildings: Shorenstein introduced an ambitious strategy to prioritize energy efficiency and carbon reduction through:
- Achieving Maximum GRESB Green Star Rating: Shorenstein received Five Green Stars as a result of the Global Real Estate Sustainability Benchmark's (GRESB) 2021 assessment – the highest possible rating.
- Participating in a Groundbreaking Low-Carbon Partnership: Shorenstein partners with the Department of Energy as a participant in its Better Buildings initiative's Low Carbon pilot program to identify ways to significantly reduce carbon emissions and achieve truly low carbon buildings.
- Fostering an Empowering, Diverse Workplace: Shorenstein remains committed to the development and growth of a diverse team designed to maximize individual potential, recruit and retain top talent, and build best-in-class teams. The firm's Diversity, Equity and Inclusion (DEI) committee has simultaneously undertaken a series of distinct DEI-focused initiatives, which will form the foundation of the firm's longer-term DEI mission.
The report also details Shorenstein's increased investment in a wide range of ESG initiatives in 2021, including:
- Conducted first-ever ESG Materiality Assessment with an independent advisor to identify the most pertinent ESG factors for the firm and its stakeholders;
- Introduced a DEI Committee, which has launched a series of foundational initiatives designed to formulate the firm's long-term approach and areas of focus;
- Established an ESG Committee, led by a diverse mix of key executives and firm professionals; and
- Subscribed to the United Nations Climate Change Statement, demonstrating Shorenstein's commitment to continually seeking better, more efficient ways to operate its buildings. According to facilityexecutive.com, the buildings sector currently contributes nearly 40 percent of carbon emissions globally and nearly 70 percent of emissions in urban areas.
Notable Portfolio-Level Achievements
The firm also highlighted numerous ESG achievements within its nationwide portfolio. The report features select properties where Shorenstein's long-term, integrated ESG and sustainability-focused dedication has had a measurable impact on the buildings and surrounding communities, including:
- The purchase of off-site renewables that powered 100% of electricity consumption at all of its San Francisco Bay Area properties in 2021.
- A successful recommission of the Capella Tower in Minneapolis, resulting in the identification of 19 Energy Conservation Opportunities (ECOs) with $20,158 in annual cost savings.
- The transformation of Washington's Spring District – in collaboration with Wright Runstad & Co. – from an industrial use site to a flourishing community with more than 800,00 square feet of LEED-certified buildings.
- Recognition by the Well Health-Safety Rating (HSR) at 25 properties, underscoring Shorenstein's industry-leading efforts to prioritize critical health and safety issues for its tenants in response to the COVID-19 pandemic.
To read the full report and see how Shorenstein continues to improve ESG performance, visit the Company's sustainability page: https://shorenstein.com/sustainability/
About Shorenstein Properties LLC
Founded in 1960, Shorenstein Properties LLC is a privately-owned, real estate firm that owns and operates high-quality office, residential and mixed-use properties across the U.S., with offices in San Francisco and New York. Since 1992, Shorenstein has sponsored twelve closed-end investment funds with total equity commitments of $8.8 billion, of which Shorenstein committed $723.5 million. The firm uses its integrated investment and operating capabilities to take advantage of opportunities that, at the particular time in the investment cycle, offer the most attractive returns. Investments have included ground-up developments, asset repositioning and stabilized assets; investment structures have included asset acquisitions, mezzanine loans, preferred equity investments and structured joint ventures. More information is available at www.shorenstein.com.
Jon Keehner / Woomi Yun / Erik Carlson
Joele Frank, Wilkinson Brimmer Katcher
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